President Signs FTAs with Colombia, Panama and South Korea

Today, President Barack Obama signed the three agreements and the renewal of Trade Adjustment Assistance.

In his remarks, President Obama underscored that these trade agreements will significantly boost American exports and support tens of thousands of American jobs. In fact, according to the International Trade Commission, the three agreements translate into 250,000 jobs.

National Cattlemen’s Beef Association President Bill Donald said the long-awaited implementation of free trade agreements with Colombia, Panama and South Korea is nearing. “The swift passage of the trade agreements was a refreshing move of bipartisanship. We strongly urged the president to follow suit by signing these agreements. He did that and we commend him for understanding the importance of free and open trade to job creation and economic growth,” said Donald. “Cattlemen welcome the opportunity to respond to growing global demand for safe and nutritious beef raised by farm and ranch families throughout the United States.”

The pact with Korea would phase out over 15 years South Korea’s 40% tariff on beef imports, with $15 million in tariff benefits for beef in the first year of the agreement alone and about $325 million in tariff reductions annually once fully implemented. The same would happen with Colombia’s 80% tariff and Panama’s 30% tariff on imports of U.S. beef.